"Monitor Contrast Ratio?"

I'm gonna upgrade my monitor to a LCD/Flat Screen. I like this one. But this one is much cheaper, something like 80 bucks, which isn't huge, but I'm trying not to go nuts. (Couldn't link right, links are below)

The big difference is the monitors is the contrast ratio, first one is 700:1, other is 550:1. I know higher ratio is better, but is that extra ratio worth the extra cash? And is there something I'm missing?

We find the failure rate is almost directly related to the price... The failure of flat panel displays is astonishingly high. We go so far as to say buy only Flat Panel monitors made by Samsung or Sharp... although they make a LOT to be sold under the labels of others.
Many flat panels are dead after 18 months.
Beyond reliability, we find the viewabilty from the left and right, and the ability to adjust the screen up and down are quite important.
There is a great deal of information available with a Google search.
Some to avoid are Envision, KDS, ViewSonic (suprisingly), Optiquest (also suprisingly).
Just spend some real time researching online.
Decide how long you want it to last, then get one with a warranty that long... You can get many warranteed only for 12 months, or for up to 4 1/2 years... and read the fine print in the warranty.
Buy one you can see, not one that is shipped, as many are damaged in shipment.
The only advantage Envision has over others, is that they do sell parts, and they are nice about service and support... most others are not.
Still, Envision doesn't last long enough to suit me.
Find out who does CompUSA warranty repairs and talk to them.

We find the failure rate is almost directly related to the price... The failure of flat panel displays is astonishingly high. We go so far as to say buy only Flat Panel monitors made by Samsung or Sharp... although they make a LOT to be sold under the labels of others.
Many flat panels are dead after 18 months.
Beyond reliability, we find the viewabilty from the left and right, and the ability to adjust the screen up and down are quite important.
There is a great deal of information available with a Google search.
Some to avoid are Envision, KDS, ViewSonic (suprisingly), Optiquest (also suprisingly).
Just spend some real time researching online.
Decide how long you want it to last, then get one with a warranty that long... You can get many warranteed only for 12 months, or for up to 4 1/2 years... and read the fine print in the warranty.
Buy one you can see, not one that is shipped, as many are damaged in shipment.
The only advantage Envision has over others, is that they do sell parts, and they are nice about service and support... most others are not.
Still, Envision doesn't last long enough to suit me.
Find out who does CompUSA warranty repairs and talk to them.
The Dell you listed is made by Samsung, but it is not very adjustable. Still, it is the better choice... I would spend another $150 and get something good.
Dell flat panels are not bad, and when they fail, which is still too often, then have a new one on your doorstep in two days as long as they are in warranty.

A couple of other things worth considering, in addition to failure rate reviews and reliable warranty values are the refresh rate (Hz) and color portrayal, such as 16, 24, 32 bit, true color representation.

The refresh rate of the Dell is 75 Hz which is good. It helps reduce screen flicker and reproduces screen images faster than the 60 Hz refresh rate monitor on the CompUSA link. A qualitative advantage. For viewing motion images the higher refresh rate will be smoother and clearer.

Both monitors have similar resolution capacities for picture sharpness and color fullness.

The Dell would seem the better monitor for what each offers according to their advertisements. Matching it with a good display card may be worth considering, too, so as not exceed warranty criteria from the display adapter output. Some display cards are real power house graphics producers demanding a great deal from the attached monitor.